Almost three quarters of employees (72 per cent) feel stressed about their finances, according to new research from Hymans Robertson.
This survey found that almost two fifths of people do not feel prepared for an unexpected financial emergency, with almost a third (27 per cent) describing their financial situation as ‘struggling’ or ‘in crisis’.
The rising cost of living is blamed for having a negative impact on finances — with more than one in two (56 per cent) citing this as their biggest concern. Other factors impacted people’s financial situation include paying off debt (25 per cent) and saving for retirement (25 per cent).
Hymans Robertson Personal Wealth says that taken together, these findings paint a worrying picture about the stress levels of employees.
To help employers support their employees, the firm has launched an insight hub, ‘The Hidden Cost of Financial Stress’, which will share findings from the research and various resources, including an introduction to the first employee financial stress index — which will track employee stress levels year on year.
Hymans Robertson Personal Wealth managing partner Julie Hammerton says:“Our research shows that low levels of financial resilience, and limited safety nets, are leading to high levels of financial stress.
“This will be having an impact on how employees work, engage and function. These should be seen as warning signs; a workforce that’s living this close to the financial edge is more vulnerable to stress, disengagement and absence.
“These findings clearly align with the recent FCA’s Financial Lives survey, which found that 24 per cent of the adult population had low financial resilience. Together this paints a worrying picture regarding the huge impact financial stress is having on the UK’s workforce.”
